UNIVERSAL LIFE FAQ
What are the benefits of Universal Life Insurance?
- They are affordable and accumulate cash value fairly quick
- No-lapse protection available. Depending on how the policy is set up, your cash-value account can make-up for missed payments.
- Tax-advantaged savings, on a tax-deferred basis.
- Premium payments are flexible. As your needs change, so can your premium payments.
- Loan and withdrawal features. Some day you may need extra cash. Why depend on a financial institution with high interest rates, when you can borrow against your policy?
Premiums for universal life insurance policies are typically higher than term insurance, but less expensive than premiums for whole life insurance policies. The price you pay is determine by the face amount of the policy (the death benefits), your age, health, and smoker rates apply. One of the biggest benefits of this particular plan is the built-in flexibility when it comes to your premiums. If you find yourself ever in financial hardships, you have the ability to have your cash value take over the premium payments until you are back on your feet financially.
When should I buy Universal Life Insurance?
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